Exchange not displaying emails despite downloading them

I set up Exchange on Outlook for Mac 2011 and it is connecting fine, downloading all my sub-folders. It says it is downloading emails (e.g. 16 in inbox and the blue bar goes to 16/16) but no emails are displayed in any folders or sub-folders. It says "connected to Exchange" in the bottom right, and "all folders are up to date". I can send emails from it Outlook for Mac, but I can't see any. OWA is working fine. I've downloaded all updates.